Planet Labs PBC (NYSE:PL) Trading Down 7.8% – Time to Sell?

Planet Labs PBC (NYSE:PL)’s share price traded down 7.8% on Thursday . The stock traded as low as $22.90 and last traded at $22.9670. Approximately 3,076,575 shares were traded during trading, a decline of 77% from the average session volume of 13,314,152 shares. The stock had previously closed at $24.90.

Wall Street Analysts Forecast Growth

PL has been the subject of several recent analyst reports. Morgan Stanley increased their price target on Planet Labs PBC from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 25th. Craig Hallum lifted their price objective on shares of Planet Labs PBC from $36.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Cantor Fitzgerald upped their price objective on shares of Planet Labs PBC from $20.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, March 20th. Zacks Research upgraded shares of Planet Labs PBC from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Finally, Needham & Company LLC boosted their price target on shares of Planet Labs PBC from $40.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $35.36.

Planet Labs PBC Trading Down 11.0%

The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 1.01. The firm has a 50-day moving average price of $35.40 and a 200-day moving average price of $30.60. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of -19.31 and a beta of 2.06.

Planet Labs PBC (NYSE:PL) last announced its quarterly earnings data on Thursday, June 4th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Planet Labs PBC had a negative return on equity of 105.29% and a negative net margin of 111.17%.The business had revenue of $94.15 million during the quarter, compared to analyst estimates of $90.39 million. The business’s revenue for the quarter was up 42.1% on a year-over-year basis. As a group, sell-side analysts predict that Planet Labs PBC will post -0.92 EPS for the current year.

Insider Activity

In other Planet Labs PBC news, insider Robert H. Schingler sold 25,000 shares of the company’s stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $25.92, for a total value of $648,000.00. Following the completion of the sale, the insider directly owned 225,171 shares of the company’s stock, valued at approximately $5,836,432.32. This represents a 9.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John W. Raymond sold 6,494 shares of the firm’s stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $26.16, for a total transaction of $169,883.04. Following the transaction, the director owned 37,114 shares of the company’s stock, valued at approximately $970,902.24. This trade represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 96,087 shares of company stock worth $2,492,134. 16.42% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PL. AQR Capital Management LLC increased its holdings in shares of Planet Labs PBC by 671.1% in the first quarter. AQR Capital Management LLC now owns 92,693 shares of the company’s stock valued at $313,000 after buying an additional 80,672 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Planet Labs PBC in the 1st quarter worth $189,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Planet Labs PBC by 6.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 130,798 shares of the company’s stock worth $442,000 after purchasing an additional 8,143 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Planet Labs PBC by 54.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,856,245 shares of the company’s stock valued at $6,274,000 after purchasing an additional 653,173 shares during the last quarter. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Planet Labs PBC during the second quarter valued at $121,000. Institutional investors and hedge funds own 41.71% of the company’s stock.

About Planet Labs PBC

Planet Labs PBC is a public benefit corporation that operates one of the largest fleets of Earth-imaging satellites, providing high-frequency, high-resolution imagery and data analytics to a broad range of industries. The company’s multi-spectral satellite constellation captures daily snapshots of the planet, enabling clients to monitor changes in agriculture, forestry, urban development, energy infrastructure and environmental conditions. Planet’s imagery platform is designed to support timely decision-making by transforming raw satellite data into actionable insights for business and government users.

Founded in 2010 by former NASA scientists Will Marshall, Robbie Schingler and Chris Boshuizen, Planet Labs grew from a small startup into a key provider in the satellite imaging sector.